Price elasticity of demand worksheet with answers

Free printable Price elasticity of demand worksheet: 6 problems from easy to exam level, with an answer key. Print it or save it as a PDF.

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1.Easy
QPDQ1​P1​Q2​P2​

When the price of a product rises by 12%, the quantity demanded falls by 7.2%. Find the price elasticity of demand E.

%ΔP = +12%%ΔQ = −7.2%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product rises by 10%, the quantity demanded falls by 4%. Find the price elasticity of demand E.

%ΔP = +10%%ΔQ = −4%
E =
3.Medium
QPD10 000€4Q2​P2​ (−15%)ΔR = ?

A product sells 10 000 units per month at €4. Its price elasticity of demand is −0.4. The firm changes the price by −15%. Assuming %ΔQ = E·%ΔP, by how much ΔR does monthly revenue change?

P1 = €4Q1 = 10 000E = −0.4%ΔP = −15%
ΔR = €
4.Medium
QPD800€8.00840€7.50

When the price of a ticket changes from €8.00 to €7.50, weekly sales change from 800 to 840. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €8.00P2 = €7.50Q1 = 800Q2 = 840
E =
5.Hard
QPDQ€38

The demand for a product is Q = 100 − 2P, with P in euros. Find the price elasticity of demand E at a price of €38.

Q = 100 − 2PP = €38
E =
6.Hard
QPDQ€70

The demand for a product is Q = 500 − 5P, with P in euros. Find the price elasticity of demand E at a price of €70.

Q = 500 − 5PP = €70
E =

Answer key

  1. 1. E = −0.6
  2. 2. E = −0.4
  3. 3. ΔR = −3960 €
  4. 4. E = −0.7561
  5. 5. E = −3.167
  6. 6. E = −2.333

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